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"Saving The American Dream"

National Expert on Mortgage Crisis to Speak at UC

Written By Keshia Clukey, PR Intern

Contact - cleogrande@utica.edu

Utica, NY (03/27/2008) - Whether your version of the American Dream is a corner lot Cape Cod with a white picket fence or a condo overlooking the city, you – like many Americans today – may be living in fear of losing that dream. Across the U.S., a record number of homeowners are facing foreclosure, but there’s hope at the end of the driveway, according to Bruce Marks, founder and chief executive officer of the Neighborhood Assistance Corporation of America (NACA).
  
Marks, known to his friends as “The Junkyard Dog” due to his tenacious advocacy for housing rights, will speak at Utica College on Thursday, April 3 at 7:30 p.m. in Strebel Auditorium. Free and open to the public, his speech, titled “Saving the American Dream,” will educate homeowners about how to stave off financial predators and secure their American dream.
  
NACA is a non-profit mortgage broker and community advocacy organization that collaborates with select banks to provide effective, affordable solutions. In agreements with Countrywide Financial Corporation and other major lenders, NACA advocates for low- to middle income homeowners, and aims to negotiate solutions to the nation’s foreclosure crisis.
  
Helping homeowners and lenders arrange affordable long-term payment plans without added fees and investors, NACA helps them avoid the devastation of foreclosure. “This is the most effective solution to the sub-prime lending crisis,” Marks said. “It’s not only revolutionary … but given the circumstances it’s a win-win for all parties and provides the best opportunity to maintain stable neighborhoods and avoid a recession.”
  
Sub-prime loans are loans that offer low initial interest “teaser” rates, which increase to higher rate as time progresses. Many consumers took out these loans unaware of the fine print, Marks said, while others were offered loans with “no documents,” providing little or no verification of income and assets.
  
For more information, contact UC’s School of Business and Justice Studies at 792-3060 or via email at cjwhalen@utica.edu.

About Utica College – Founded in 1946, Utica College is a comprehensive private institution that grants the Syracuse University baccalaureate degree and the Utica College master’s and doctoral degrees. The College, located in central New York, approximately 90 miles west of Albany and 50 miles east of Syracuse, currently enrolls approximately 3,000 undergraduate and graduate students in 32 undergraduate majors, 26 minors, 13 master’s and two doctoral degree programs.

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